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Capital adequacy of Czech banks in the context of macro-prudential policy
Janoušek, Adam ; Brůna, Karel (advisor) ; Gevorgyan, Kristine (referee)
The theme of this diploma thesis is the capital adequacy of Czech banks in the context of macro-prudential policy. The aim of this diploma thesis is quantitative and qualitative analysis of the capital ratios of the Czech banking sector in the context of Basel III and CRD IV capital regulation. The work for the selected period analyzes the development of the capital structure of the Czech banking sector as a whole and for individual segments of banks. The work also focuses on the determinants that influenced the capital changes in addition to the change in the volume of capital itself. The resistance of the banking sector to the unfavorable development of the financial system is analyzed through the stress tests of the Czech National Bank.
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Historical development and modern approach of banking regulation and supervision in Great Britain
Yudina, Daria ; Blahová, Naďa (advisor) ; Gevorgyan, Kristine (referee)
This bachelor thesis is focused on historical development and modern approach of banking regulation and supervision in Great Britain. Provision of banking services plays a key role in this country. It deals primarily with acts that have been adopted throughout the existence of banking in this area and which are concerned with the adjustment of the regulatory framework of this industry. Significant importance in this work was given to appropriate steps that were taken by the regulator during the financial crisis and subsequent reforms to ensure the stability of the British banking system. The conclusion is devoted to the current method of regulation and supervision of the banking sector.
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Monetary policy of the National Bank of Belarus
Lapanovich, Aleksei ; Mandel, Martin (advisor) ; Gevorgyan, Kristine (referee)
The aim of the bachelor´s thesis is to analyze the monetary policy of the Republic of Belarus. At the beginning of the first part is described the economic and financial situation in Belarus. Further, the history of the establishment of the central bank, its objectives and functions are discussed. The second part, following the characteristics of the basic monetary policy regimes, focuses on the analysis of the monetary policy of Belarus and its objectives after the collapse of the Soviet Union. Then, the basic principles of the functioning of the transmission mechanism in Belarus are explained. The last part deals with the analysis of selected economic parameters. This section discusses the horizontal structure of the balance of payments for 2016, a graphical analysis of the foreign investment position and the foreign debt of Belarus, the causes of inflation and inflationary pressures, as well as the development of the exchange system and its current trends.
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Banking regulation and supervision in Belarus
Ali, Ferial ; Gevorgyan, Kristine (advisor) ; Blahová, Naďa (referee)
The bachelor thesis focuses on issues of regulation and supervision of banks in Belarus. The main objective is the characterization of the supervision and regulation system in the Republic of Belarus, its basic features and attributes, the current situation of the banking sector in the context of regulation. The thesis consists of three chapters. The first one contains the basic concepts of regulation and supervision. The second part describes the historical development of supervision and regulation in epitome in the territory of Belarus. The third chapter is devoted to the current state of the regulatory system in the Republic of Belarus. The content of the conclusion is a summary of the acquired knowledge.
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Monetary policy at a time of low interest rates and threat of deflation
Kochergin, Aleksei ; Gevorgyan, Kristine (advisor) ; Šíma, Ondřej (referee)
The aim of the bachelor thesis is to analyze the Czech economy during the period of foreign exchange interventions, and several months after them in the situation of impending deflation. The topic is chosen to be the most up-to-date statement by the Czech National Bank council on the termination of the exchange rate commitment, which will undoubtedly define the domestic economy for a certain period of time. The thesis deals with aspects that have forced the Czech national bank to intervene in the foreign exchange market, it examines the state of the economy during the implementation period of the intervention, and then after the end of the exchange rate commitment. The work is divided into three main parts. The first part of this work explains the essence of monetary policy and its application by the central bank. The second part explains the economic nature of deflation and different views on this issue. The third part focuses on the analysis of the economic situation in the Czech Republic and the policy of the central bank. The result of this analysis will be the assessment of the success of selected strategy on the example of macroeconomic indicators and the evaluation of its adequacy due to the findings.
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Role Federálního Rezervního Systému v ekonomice USA
Selitrennikova, Irina ; Gevorgyan, Kristine (advisor) ; Brůna, Karel (referee)
The main goal of this bachelor thesis is to analyze the Central Bank of the United States, the Federal Reserve Bank, to define its role during two serious crises and to research changes occurred to FED's incomes. The thesis is divided into four chapters. The first chapter is dedicated to three entities which Federal Reserve consists of, the second one obtains the historical information about the reasons of its foundation and chronological chain of events preceding it. The Great Depression, The Great Recession and the actions of the FRS that were undertaken during these periods are described in the third chapter. After the recent crisis that occurred in 2008 the structure and amount of FED's incomes changed a lot. I devoted the fourth chapter of this bachelor thesis to the analysis of reasons of these changes and its consequences.
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Vyhodnocení rozdělení Philips Group s pomocí finanční analýzy
Larionova, Ksenia ; Brůna, Karel (advisor) ; Gevorgyan, Kristine (referee)
This thesis aimed to examine methods used to evaluate multinational and diversified firms and then use these methods to study the Philips Group and its decision to spin-off of the Philips Lighting sector. Although numerous methods and parameters used to analyze firms already exist, they remain very limited for multinational and diversified firms such as Philips Group or General Electric. In this thesis, hypotheses were based on the theory of the firm and tested using analysis of leverage, profitability and efficiency ratios. This study shows the difficulty of analysing multinational diversified firms caused by a very limited availability of data set. Thus, despite of a great number of ratios described in the literature, only a small portion can be in fact computed using publicly available data. Hypotheses were based on the the paper developed by Chen and Guo (2005). First hypothesis, based on the analysis of capital constraint was attempted, secondly the pace and directions of individual sectors were analysed using profitability and efficiency ratios and thirdly the stock performance was observed. All of this in order to examine whether the motive of the split was to increase the stock prices. It was found that Philips Group nor its Lighting sector did not experience capital constraints, nevertheless an important degree of underperformance amidst analysed figures was found, which suggested that Philips Lighting division was not as good in creating value for shareholders as the HealthTech division was. Moreover, the decision of Philips Group to concentrate on its HealthTech business was positively accepted on stock markets confirming the third hypothesis.
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The housing market and the reactions of the monetary authority in the context of liquidity surplus
Čechura, Jakub ; Šíma, Ondřej (advisor) ; Gevorgyan, Kristine (referee)
The diploma thesis is mainly focused on the housing market and central bank's (supervisory authority's) potential reactions to risks arising from it. The thesis provides a broader perspective of the housing market so that the first part is devoted to the liquidity surplus as it is closely connected with the housing market. The next part of the thesis focuses on housing price bubbles and subsequent bursts as well as the tools of the central bank (supervisory authority) to mitigate such risks. It is discussed whether using monetary policy to affect house prices that do not reflect fundamentals is advisable. Macroprudential policy with its tools is introduced as an alternative. Special attention is paid to the Czech housing market.
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Financial cycle
Novotný, Tomáš ; Blahová, Naďa (advisor) ; Gevorgyan, Kristine (referee)
Diploma thesis is focused on the issue of financial cycle. It has theoretical character and it is based on foreign sources. Diploma thesis describes the definition of financial cycle, its interactions with business cycle and moreover it explores sychronization of cycles. Furthermore financial cycle indicators and measures are analyzed. The reactions of macroprudential, fiscal and monetary policy are also discussed in the thesis. In particular, the attention is drawn to theoretical view on countercyclical buffer. The last part is devoted to the setting of countercyclical buffer in chosen european countries.
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Transformation of Uzbek economy after USSR dissolution
Pak, Igor ; Šíma, Ondřej (advisor) ; Gevorgyan, Kristine (referee)
Bachelor thesis is focused on the assessment of Uzbekistan's transition from planned economy to market economy. Its goal is to analyze changes in the economy of Uzbekistan and to conclude, what are the implications of these changes. Paper outlines the economy of Soviet Union, economic reasons and consequences of its disintegration. It also discusses role of Uzbekistan in the economic system of USSR and issues arising from its release from the system. Paper also discusses specifics of Uzbekistan's transition model and describes economic changes in the country during period of independence. Last section of the paper describes how Uzbekistan manages to cope with negative external trends in the world (Financial crisis 2007/2008, Russian crisis 2014 and low price of commodities). Analysis performed has proven that in general Uzbekistan managed to successfully pass transitional period.
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